Introduced
by
To establish a state earned income tax credit (EITC), which would provide a refundable credit equal to 10 percent of the federal EITC. The federal EITC is a refundable credit (or “reverse income tax”) for low income workers. For a person with two or more children, it begins to phase out at an income level of $13,549 and ends at $34,458. These amounts are considerably less for those with no children. The size of the credit runs between $390 and $4,300 depending on tax status (2004 tax year figures).
Referred to the Committee on Finance
